Calculators
Loan comparison calculator
Compare your current loan with a new one, or two new loans, on the total cost over the years you expect to keep it, including fees and switching costs.
This calculator gives an estimate only, based on the figures you enter and the assumptions described on this page. It isn’t financial, credit or tax advice and doesn’t take your circumstances into account. Talk to us before making a decision.
How it works
For each loan, the calculator works out the monthly principal and interest repayment, then adds up the interest paid over the period you choose, plus upfront fees and ongoing fees. Principal repaid isn’t a cost, so it’s left out. It assumes rates don’t change during the period.
For switching costs on Loan B, include the new lender’s application and settlement fees, your current lender’s discharge fee, government registration fees and any break costs on a fixed loan.
Thinking about refinancing?
Your current lender may match a better rate if you ask. Judge Lending can compare options and handle the switch, and your accountant can check the tax effect if any of the loan is for an investment. See refinancing.
Frequently asked questions
How do I compare two home loans?
Compare the total cost over the time you expect to keep the loan, not just the interest rate. That means repayments plus upfront fees, ongoing fees, and any costs of switching, such as discharge fees and break costs.
Is it worth refinancing to save 0.5%?
Often, on a large loan. A 0.5% lower rate on $600,000 saves roughly $3,000 a year in interest early in the loan. Whether it’s worth it depends on the switching costs and how long you’ll keep the new loan, which this calculator shows.
What is a comparison rate?
A rate that includes most of a loan’s fees, calculated on a standard loan amount and term. It’s useful as a starting point, but your own loan amount and how long you keep the loan can change which is cheaper.
Ready to talk?
Book a free consultation of up to an hour, in the office or by video, or just call.